Risk and reward of embracing cryptocurrency to be looked at by MPs
The Treasury Committee will hold a one-off session on the potential risks and rewards of the UK embracing cryptocurrencies as the sector continues to expand.
Meeting details
The session will be split into two panels. First, voices from the industry will give their view on how the UK can create a world-leading ecosystem for cryptocurrencies. This will then be followed by a second set of witnesses who are likely to consider other factors, including the potential risks to consumers.
The purpose of this session is to shed light on what steps the UK Government and regulators could take to enable a strong cryptocurrency ecosystem which maximises opportunities for economic growth while ensuring robust protections for the UK’s financial system. It may also consider whether embracing cryptoassets would be a risk to financial stability and consumers.
There is likely to be some discussion about stablecoins, following the Bank of England’s recently published consultation looking at how they should be regulated.
The Committee may also choose to explore how the UK’s approach compares to other countries, particularly given the ardently pro-crypto stance adopted by President Trump’s administration.